CBSR · 证据资料库
新加坡稳定币监管证据 | CBSR 历史快照
浏览 13 条新加坡稳定币监管记录，核对发行路径、储备、收益边界、来源定位、效力与复核状态；数据为 CBSR 2026 年 8 月 20 日历史快照。
本法域应如何阅读
新加坡记录区分 Payment Services Act、DTSP 制度与 MAS 单一货币稳定币框架；固定快照将后者标记为 finalized_policy_pending。SCS 标签的新元/G10 及新加坡发行范围、禁止借贷或质押的活动边界，以及来源地出境服务限制，属于不同问题。
覆盖与未完成复核
四个监管问题与对应证据
发行准入路径
sg-scs-issuer_pathway-001
记录将 SCS 框架范围限定为在新加坡发行、锚定新元或 G10 货币的代币，并区分银行及非银行 MPI 路径。该条来源链接未取得，时效为 unknown。
快照记录原文 · 不是法条逐字引文
The MAS Single-Currency Stablecoin (SCS) framework applies only to stablecoins pegged to the Singapore Dollar or any G10 currency and issued in Singapore; tokens pegged to other assets or issued offshore stay under the general Digital Payment Token regime and may not use the 'MAS-regulated stablecoin' label. Non-bank SCS issuers with circulation above S$5 million must hold a Major Payment Institution (MPI) licence; those below are exempt from the framework but cannot use the label. Banks are exempt from the PSA licence requirement and may issue under their banking framework. Issuers must be incorporated in Singapore.储备与资产支持
sg-scs-reserve_backing-001
原摘要要求同币种、100% 的现金或低风险短期资产支持，资产隔离与定期鉴证；但效力仍保留 finalized_policy_pending，不能将框架政策升级为已施行法条。
快照记录原文 · 不是法条逐字引文
SCS reserves must be 100% backed in cash, cash equivalents, or short-term sovereign debt securities denominated in the pegged currency, valued at daily mark-to-market, segregated from the issuer's own assets, and held with MAS-approved custodians. Reserves are subject to monthly independent attestation and annual external audit, with audit reports publicly disclosed.允许活动与收益边界
sg-scs-permitted_activity_yield-001
记录将收益相邻约束表述为发行人不得借贷或质押，而非直接利息禁令；该命题属于历史 SCS 框架阅读，复核已逾期。
快照记录原文 · 不是法条逐字引文
Yield is not directly prohibited, but the MAS-regulated SCS label is restricted to SGD or G10-pegged tokens issued from Singapore-incorporated entities, and SCS issuers are forbidden from engaging in lending or staking. The activity prohibition (no lend/stake) is the operative yield-adjacent constraint rather than a flat interest ban.货币主权与跨境准入
sg-scs-monetary_sovereignty-001
记录区分 MAS-regulated stablecoin 标签与一般 DPT 待遇。没有总量上限不等于所有境外或非框架代币都可使用该标签。
快照记录原文 · 不是法条逐字引文
There is no aggregate usage cap; foreign-currency-pegged tokens simply are not 'MAS-regulated stablecoins' and circulate as ordinary digital payment tokens, leaving market access open at the monetary-sovereignty layer.完整记录清单
| 记录 / 维度 | 来源定位原文 | 效力状态 | 复核时效 | 来源检查日 |
|---|---|---|---|---|
| 反洗钱与客户识别 | PS Act 2019 DPT licensing; MAS Notices PSN02/PSN03 (AML/CFT, travel rule) | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 银行及非银行路由 | Eligible issuers (banks / major payment institutions); reserve segregation | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 资本要求 | SCS framework: base capital and liquid-asset requirements | 政策已定稿，实施立法待完成 · finalized_policy_pending | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 跨境数据 | PDPA cross-border transfer safeguards; MAS data-hosting guidelines | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 分销 | SCS framework: label/disclosure on distribution | 政策已定稿，实施立法待完成 · finalized_policy_pending | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 实施状态 | Implementation timeline — PSA 2020; SCS Aug 2023; DTSP Jun 2025; full SCS mid-2026 | 政策已定稿，实施立法待完成 · finalized_policy_pending | 复核时效未知 · unknown | 无已记录证据 |
| 发行准入路径 | SCS framework — peg scope (SGD/G10, Singapore-issued); MPI licence > S$5m; Singapore incorporation | 政策已定稿，实施立法待完成 · finalized_policy_pending | 复核时效未知 · unknown | 无已记录证据 |
| 货币主权与跨境准入 | SCS framework: SGD/G10 label scope; foreign-pegged tokens treated as ordinary DPTs | 政策已定稿，实施立法待完成 · finalized_policy_pending | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 允许活动与收益边界 | SCS framework: no lending/staking by SCS issuers; SGD/G10 label scope | 政策已定稿，实施立法待完成 · finalized_policy_pending | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 赎回 | SCS framework: redemption at par within 5 business days | 政策已定稿，实施立法待完成 · finalized_policy_pending | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 监管机构 | MAS authority under the Payment Services Act 2019 | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 储备与资产支持 | SCS framework: 100% reserve in low-risk assets | 政策已定稿，实施立法待完成 · finalized_policy_pending | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |
| 证券属性认定 | SCS framework: 'MAS-regulated stablecoin' label vs DPT classification | 政策已定稿，实施立法待完成 · finalized_policy_pending | 复核已逾期 · stale | 2026-06-27 · 2026-06-27 |